Elder law is so important when it comes to making decisions and plans for yourself or a loved one. We do our best to educate our clients about the importance of elder law and refer them to experts who can help them. Here is an excerpt of a blog article from elder law attorney Yale Hauptman. For more information visit the Hauptman and Hauptman website here.
By: Yale Hauptman
When I meet someone and tell them that I am an elder law attorney, they invariably reply, “Oh, you do wills and trusts, right?” I then explain the difference between elder law and estate planning. Here’s my answer. An estate plan covers the scenario of “what happens when I die”. In the case of your assets, how will they be distributed and to whom. An additional emphasis is placed on minimizing estate and inheritance taxes through the use of wills and trusts.
But in today’s world, increasingly, the bigger, more difficult question is “what happens if I live?” By that, we mean, what happens if I live but am not healthy and have increased health care costs and need to rely on others for assistance, either temporarily or on a permanent basis. The estate plan does not address this need. An estate plan can help you answer the first question, but a long-term care plan can help you answer the first and the second question.
To read the rest of the article and to learn about scenarios when elder planning is important click here.
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Spotlight on Elder Law is distributed for informational purposes only and does not constitute legal advice. For more information or to receive future mailings contact Yale S. Hauptman at Hauptman & Hauptman, P.C.
